London Daily

Focus on the big picture.
Friday, Oct 03, 2025

Cayman: Banks offer mortgage relief amid crisis

Cayman: Banks offer mortgage relief amid crisis

Butterfield, Cayman National and RBC Royal Bank are implementing measures to provide financial relief to clients impacted by the COVID-19 health crisis.
In addition to lowering personal lending and mortgage rates, which will become effective on 23 March, Butterfield will introduce a three-month automatic payment deferral on all residential mortgages and personal loans in good standing. This means customers will not be making principal and interest payments for the next three months and any penalties will be waived.

This will assist customers who may be facing lower incomes or cash inflow at this time, the bank said in a press release.

RBC Royal Bank said most RBC Personal banking clients in the Caribbean will immediately benefit from an automatic three-month payment deferral on credit facilities. Business and corporate banking clients are also eligible for the relief programme, once they have been assessed by an RBC representative. Automatic payment deferrals will be applied as of 17 March and remain in effect until 30 June, or until further advised.

RBC Royal Bank client accounts must be current and in good standing as of March 2, 2020, to be eligible for the programme. RBC clients who are already participating in RBC relief programmes for other circumstances are excluded from the programme.

Cayman National President and Chief Executive Officer Stuart Dack said his organisation was conscious that many customers will require economic and financial support in the face of unprecedented challenges.

He announced Cayman National will assist clients in good standing by waiving up to three months of loan payments. He asked clients to contact their loan officers to take advantage of this assistance.

Butterfield will also introduce a payment deferral on credit cards for two months beginning in May, so that customers can skip May and June monthly payments without incurring any late fees.

In addition, business customers with remaining loan principal of up to $2 million, who are facing difficulties, can pay interest only on their next three monthly loan payments with no penalties.

Butterfield’s business and corporate clients with loan values greater than $2 million who wish to discuss credit and payment arrangements should contact their relationship managers, as these arrangements are typically more complex, the bank said.

Mike McWatt, Butterfield’s managing director in Cayman, said the impact of the COVID-19 crisis on tourism and hospitality, and its knock-on effect on employment has been sudden and significant. “We understand that the situation will make it difficult for some of our customers to service their outstanding debts. To make things easier for families and businesses, and to help the local economy recover more quickly post-crisis, Butterfield is taking these urgent, substantive steps to ease the financial pressures on customers in Cayman,” he said.

“We are working as quickly as possible to implement these changes, and we are here to support our customers throughout this crisis and beyond. We encourage anyone facing financial challenges to reach out to us so we can work on solutions together. We will continue to review these initiatives and will provide timely updates to customers,” McWatt said.

Customer need to be aware, the bank said, that the measures will result in an extension of the loan terms as interest on the outstanding balance, that is payable during the deferral period when no loan or interest payments are made, will be added to the outstanding principal amount.

This means that a payment deferral will increase the amount of interest paid over the life of the loan.

Butterfield customers who wish to maintain their current payment schedules and amounts should contact their relationship managers or the bank’s loans department on (345) 949 7055.
Newsletter

Related Articles

0:00
0:00
Close
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
Nvidia Pledges Up to $100 Billion Investment in OpenAI to Power Massive AI Data Center Build-Out
U.S. Signals ‘Large and Forceful’ Support for Argentina Amid Market Turmoil
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
Vietnam Faces Up to $25 Billion Export Loss as U.S. Tariffs Bite
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Indonesia Court Upholds Military Law Amid Concerns Over Expanded Civilian Role
Larry Ellison, Michael Dell and Rupert Murdoch Join Trump-Backed Bid to Take Over TikTok
Trump and Musk Reunite Publicly for First Time Since Fallout at Kirk Memorial
Vietnam Closes 86 Million Untouched Bank Accounts Over Biometric ID Rules
×